Standing out in a crowded property management marketplace can be hard. Tiffany Bowtell reveals the ‘secret formula’ that can help your business grow and why automation, artificial intelligence and effective outsourcing solution technology all have a role to play.
Automation, artificial intelligence (AI) and effective outsourcing solution technology (EOS) are among a host of technology-based trends floating around in the property management space right now.
Maybe you’ve heard of these trends, and perhaps some of them are new to you.
As a service-based industry, property management has always been about customer service.
That’s if you’re looking at it from the perspective of your clients being owners, tenants and trades.
But if you’re looking at it from the inside out, or as the business owner and property manager delivering that service, you’ll see it from a very different point of view.
Your focus will be more on finding solutions to save more time, produce faster results and leverage yourself more effectively so you can deliver that service and keep up with demand.
In my experience, after conducting thousands of paid consulting sessions with more than 8000 agencies across Australia and New Zealand over the past decade, the successful businesses were using some or all of these three trends.
The less successful businesses were missing these key ingredients.
Automation, AI and EOS can be used together in your business to create amazing, scalable results.
These three trends are the new secret formula: technology + humans = growth.
When human intelligence combines with technology, we can make our businesses effective and fun, and we can create a great environment to work in.
Let’s explore these trends in greater detail.
TREND 1 – Automation: Software that understands your staff roles, legislation and that helps to automate general daily computer-generated tasks.
Could you imagine trying to run a business without your trust account software?
As an industry, we have seen a huge push for cloud-based technology to play an important role in saving us time.
If you haven’t moved to the cloud, then perhaps 2021 is the year you’ll rethink your strategy and take another look, as the benefits and results are tangible.
Deciding which software to use depends on what automation the cloud provider has in store for their future developments.
Explore what your cloud provider is planning on next rather than what they can do right now.
The more you can automate a process, the better.
TREND 2 – Artificial Intelligence: A technology of computer-generated and human thought process software that performs specific automatic duties in your business.
Artificial intelligence is coming and we’ve got to be prepared for it.
This is where your computer-generated activities through automation go one step further and begin to think and suggest what might be the next move/step without human interference.
In 2020, we saw the rent arrears process die out like a dinosaur.
Our clients are no longer handling anything to do with arrears until the tenant is in breach.
As more data is collected and developed, we will begin to see more processes morph into new versions of what they once were.
TREND 3 – EOS technology: A technology of systemisation combining low-cost labour with technology to perform human-level thinking to instigate consistent results.
Over the past five years, I invented EOS technology because property management business owners were looking for a premium, low-cost labour solution to help them grow their rent rolls.
We developed a process that combines real human intelligence with a low-cost labour force integrating with your systems, processes and technology automation.
This allows our clients to provide consistent service, fewer irregularities in performance and a growth-focused business.
So what does the property manager of the future look like?
Essentially, they will become the human face of the service delivery.
A property manager’s main role will be focusing on human connection, understanding your clients’ needs and wants, and being available to deliver the service in their way – on demand.
They will be the advisor with experience, focusing on giving a consistent and expected result and, most importantly, making the client feel really valued, like they’re the only client that you have, with a high focus on communication.
They’ll be a consultant, and they’ll help the client get a great experience on their property investment journey.
Incorporating these three trends into your property management business will bring in new levels of consistency that can be duplicated repeatedly to create success.
- Tiffany Bowtell is the CEO at PMVA, a virtual property management company that provides advanced training and support to property management businesses. For more information visit pmva.com.au.